NEW YORK, NY, December 9, 2025 — ACORD, the global standards-setting body for the insurance industry, today released its 2025 U.S. Property & Casualty Value Creation Study. The study analyzes the performance of the largest 100 U.S. P&C insurance carriers over the last 20 years.
This year’s edition is being published during a time when stable profitability, volatile catastrophe losses, and competitive pricing are providing opportunities and challenges for commercial and personal carriers and steadily shifting the market,” said Dave Sterner, Senior Vice President, Research & Development at ACORD. “This study takes a 20-year view to assess how companies have performed throughout changes in the market cycle, providing lessons learned and key takeaways.”
This study leverages in-depth financial analysis and data-driven research to assess carrier performance, as well as identify the attributes that allow them to thrive amidst market changes and consistently deliver sustainable value creation.
Beyond analyzing statutory financial filings, research was conducted on each organization’s business attributes, including key strategic, operational, and tactical imperatives. Using the output of a proprietary free cash flow model to measure value creation in terms of timing, magnitude, duration, and sources, ACORD segmented the 100 carriers into three categories: Sustainable Value Creators, Hollow Value Creators, and Value Destroyers.
Analysis of Sustainable Value Creators revealed consistent patterns in how they generate value and prioritize strategic initiatives. The key areas in which these insurers excelled are:
- Underwriting: Sustainable Value Creators focus on profitable, intelligent growth, rather than simply expanding market share
- Claims: The strategic use of digital capabilities to enhance human performance emerged as a key differentiator; these insurers strike a balance between loss payments and adjustment expenses while sustaining high levels of customer satisfaction
- Customer lifetime value: Sustainable Value Creators actively manage and optimize policyholder lifetime value by measuring and influencing long-term profitability, using strategies like targeted cross-selling and upselling
While insurers have historically focused on one of four strategic pillars—Customer Intimacy, Product Leadership, Innovation, or Operational Excellence—the ACORD U.S. P&C Value Creation Study has shown that in recent years, carriers must effectively execute across all four to remain competitive in the shifting market.
“Success depends on investing in technology and innovation to deliver differentiated products while prioritizing a seamless customer experience,” said Sterner. “The carriers who embrace this shift will have a hand in shaping the future of the market.”
For the first time, this year’s edition of the ACORD U.S. Property & Casualty Value Creation Study is available to both ACORD members and non-members throughout the industry. To download the white paper or for more information, please visit www.acord.org/research.